Penalties Against Banks Doubled In FY22, Says RBI Report
The Reserve Bank of India levied penalties worth Rs 64.29 crore against banks in FY22, compared with Rs 28.31 crore in the previous year.
However, penalties against non-bank lenders fell to Rs 1 crore, compared to Rs 3.05 crore a year ago, according to the RBI's report on trends and progress in banking.
"During 2021-22, the major reasons for imposition of monetary penalties on regulated entities (REs) included, inter alia, noncompliance with exposure and IRAC norms, frauds classification and reporting, and violation of cybersecurity framework guidelines," the RBI said in the report.
Penalties levied against private banks were the highest at Rs 29.39 crore in the year ended March 2022, with 16 instances of enforcement action. In FY21, the RBI imposed penalties worth Rs 5.92 crore against private banks.
Even in the case of public sector banks, penalties rose to Rs 17.55 crore, compared with Rs 9.5 crore last year.
Cooperative banks reported the highest number of enforcement actions at 145 instances in FY22, compared with 43 last year.
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